The Brooklyn Nets move across the Hudson River from New Jersey has created a 189 percent spike in average ticket prices so far this year on Ticket Liquidator, a leading secondary ticket marketplace. New Jersey Nets tickets sold on Ticket Liquidator last season averaged $50.58; this season Brooklyn Nets ticket prices have averaged $146.17.So the move of the team to a new market and the newness of the arena--both far different from Newark--are likely the biggest factors. Note that prices have been bid up for certain games, notably as the opening one against the New York Knicks, that have a cachet that come from being first.
The Brooklyn Nets skyrocketed to the fifth-highest average ticket price this season, behind only the Los Angeles Lakers at $250.27; the Los Angeles Clippers at $223.52; the New York Knicks at $183.63; and the Miami Heat at $182.39. Besides the Nets move from New Jersey’s Prudential Center to Brooklyn’s new $1 billion Barclays Center, other factors have also influenced the spike in ticket prices.
Brooklyn Net’s minority owner, hip-hop mogul Sean [sic] “Jay-Z” Carter, has been an active face of the re-branded Nets... Russian billionaire owner Mikhail Prokhorov has also demonstrated a willingness to spend money in pursuit of top free agents...
Still, the disparity in ticket prices from season-to-season is currently unrivaled in the NBA, as other teams have seen only small changes with the addition of high profile free agents. ...Of course, the rise in the average price of Brooklyn Nets this season will only be sustained if the team is racking up wins on their new herringbone-patterned home-court.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…